TSX-listed base metals mining company Lundin Mining, Freeport-McMoRan and China Molybdenum have agreed to further extend the notice period during which the company has the right to acquire Freeport’s indirect interest in TF Holdings to 29 September 2016.
On 9 May 2016, Lundin Mining received a notice from Freeport offering Lundin Mining the right to acquire Freeport’s indirect interest in TF Holdings at the same purchase price and on the same terms and conditions offered by China Molybdenum.
TF Holdings is the holding company that indirectly owns an 80% interest in Tenke Fungurume Mining S.A. (Tenke).
However, Freeport and Lundin each hold a 70% and 30% interest, respectively, in TF Holdings.
Lundin Mining, in consultation with its legal and financial advisors, continues its strategic review in connection with its ownership interest in TF Holdings.
The Tenke Fungurume mine has become the world’s premier cobalt producer and one of the largest copper producers in the DRC, having produced its millionth metric ton of copper in 2015, only six years after operational start-up.
The deposits are located within two concessions totalling over 1 500 km².